Brian Jeffrey
Petrolimex has reported a significant increase in profits for the first half of 2024 in a recent submission to regulatory bodies.
The parent company of the group saw its after-tax profit nearly double to around VND 1,531 billion compared to just over VND 649 billion in the same period last year, a rise of nearly VND 881.6 billion.
Overall, Petrolimex’s consolidated after-tax profit for the first half of 2024 reached close to VND 2,421 billion, up by more than VND 862 billion from the first half of 2023.
The impressive profit growth was attributed to various factors including stable and profitable core petrol business, increased sales volumes, steady global energy supply, and stable oil prices.
Furthermore, the consistent output from local refineries ensured a reliable petrol supply, contributing to operational efficiency and adherence to purchase plans by distributors.
Petrolimex also experienced enhanced financial returns, particularly from higher dividends received from subsidiaries and joint ventures, which significantly boosted overall profits.
While the growth in after-tax profit was mainly driven by the effectiveness of the petrol business, other sectors within the group also displayed stability and growth compared to the previous year.
However, profits from subsidiaries engaged in petrochemical and aviation fuel businesses witnessed a decline, attributed to market conditions in the first half of 2024 in contrast to the previous year.
Additionally, the divestment from PG Bank in the third quarter of 2023 resulted in reduced profits from joint ventures and associated companies in the first half of 2024 compared to the same period in the previous year.
On the stock market, Petrolimex’s shares (PLX) closed at VND 48,600 per share on August 30, down by VND 200 from the previous trading session.
